You need renters insurance to cover you if any of your furniture, electronics, books, or other belongings get damaged or destroyed. Renters insurance also covers you in the event that someone else is injured in your apartment or home or someone's personal property is damaged and sues you.

Yes. Although your landlord almost certainly has property and liability insurance, your landlord's policy does not cover the items that you keep inside your apartment or home. And it does not protect you if a guest is injured and sues you for liability.

Renters insurance is still important even if you do not have much personal property because of the liability component. Also, chances are your personal property is worth more than you think. If you do not have much personal property to insure, then you can save money by choosing a lower policy limit.

Yes. Renters insurance is important as long as you rent your home. It applies the same whether you rent an apartment, condo, co-op, or house.

That depends on whether you opt for an actual cash value (ACV) or replacement cost coverage policy. ACV coverage pays for the market value of your property at the moment before it was damaged. Replacement cost coverage pays you the full cost of getting a new item to replace the one that was destroyed. As you would expect, replacement cost coverages is more expensive than ACV, but it is usually worth it.

Renters insurance normally covers your living expenses if you must temporarily relocate because of extensive damage to your apartment or home. This is something you should confirm with your agent before settling on a policy.